@techreport{Cheung2004output,
abstract = {The prospect of creating a currency union consisting of China, Japan, and Korea is evaluated
using output data. After a brief discussion on the interactions between the three countries, the
study investigates whether these three countries have common synchronous business cycles,
which are perceived as one of the preconditions of a currency union. Then, we assess the
potential costs of giving up monetary policy autonomy to form a currency union. It is found
that the three national output series tend to move together in the long run and share common
business cycles. While the output loss estimates depend on assumptions used to generate
shocks, they tend to be small. However, there are potential conflicts between these countries
on the choice of the policy target of the common monetary authorities.},
author = {Yin-Wong Cheung and Jude Yuen},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {F41; F33; 330; common stochastic trend; business cycles; output losses; exchange rate regime; Asian economies; W\"{a}hrungsunion; Konjunkturzusammenhang; Kosten-Nutzen-Analyse; China; Japan; S\"{u}dkorea},
language = {eng},
number = {1250},
title = {An output perspective on a northeast Asia currency union},
type = {CESifo working papers},
url = {http://hdl.handle.net/10419/18888},
year = {2004}
}
